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Dutch Central Bank Director Props Up Gold for Financial Collapse Scenario
Aerdt Houben, Director of Financial Markets for the Dutch Central Bank (DNB), has talked about the value gold could have in a financial collapse scenario. As the bank has been recently increasing its gold holdings, Houben stated that due to its properties, gold might serve as a hedge in the case of a worldwide economic disaster.
DNB Acknowledges Gold’s Importance for Central Banks
Aerdt Houben, Director of Financial Markets for the Dutch Central Bank (DNB), has talked about the rise in gold holdings of the bank and how he believes that gold can be used as a backstop in the case of a financial collapse scenario. In a recent interview, Houben acknowledged that the Netherlands has recently increased its gold holdings, as have other European central banks.
Houben explained that the central bank currently holds 612 tonnes of gold, worth around 35 billion euros (.2 billion), and that these holdings were diversified, with the bullion being located in the Federal Reserve, London, Canada, and the Netherlands. This represents 4% of the Netherlands’ Gross Domestic Product (GDP), as the government holds the same percentage as countries like France, Germany, and Italy, ranking seventh in the top ten central bank gold holdings concerning GDP.
Insurance Against Economic Collapse
When asked if he considered that the Netherlands should have more gold as a kind of insurance for the country, Houben answered:
I think it’s more than enough, because if everything collapses, then the value of those gold reserves shoots up, it skyrockets. Secondly, you don’t have to fully cover it.
Houben justified his thoughts on gold, declaring its value resided in its stability, talking about its utility and intrinsic value. “It’s a fungible product. It’s a liquid product, you can buy and sell it almost anywhere in the world. So, it’s really an outstanding commodity [on which] to base an exchange rate system,” he stressed.
For gold market analyst Jan Nieuwenhuijs, European banks piling up gold means that the confidence in the euro is not absolute, as they could be preparing for a possible return to a gold standard. China has been continuously increasing its gold holdings, with its reserves reaching over 2,113 tonnes for July, and the government now hitting 11 months of continued purchases.
Nieuwenhuijs concluded:
Indirectly, DNB encourages people to own gold to be protected from financial shocks, making the transition towards a gold-based monetary system more likely.
Do you think a return to a gold standard is possible? Tell us in the comments section below.
Kraken to Expand Its Presence in Europe With Acquisition of Dutch Crypto Broker
Crypto exchange Kraken has unveiled its plan to acquire Dutch crypto broker Coin Meester B.V. (BCM). Kraken explained that the Netherlands is a key market in its European expansion plans. “We are committed to growing our business in compliance with European regulations,” the exchange emphasized, adding that it is “actively pursuing” registrations in several European markets.
Kraken to Acquire a Crypto Broker in the Netherlands
Cryptocurrency exchange Kraken announced on Thursday its “planned acquisition of Coin Meester B.V. (BCM) in the Netherlands.” Kraken explained that BCM, founded in 2017, is one of the Netherlands’ “oldest and most respected registered crypto brokers.” The company provides services to buy, sell, and stake crypto, including access to over 170 cryptocurrencies.
The proposed acquisition will enable Kraken to strengthen its presence in the Netherlands and allow BCM’s clients to benefit from Kraken’s product offering, liquidity, security standards, and 24/7/365 live client support, the announcement details.
Kraken CEO David Ripley commented: “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.” The executive added:
The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans.
“Our decision to accelerate European growth plans follows the European Commission’s establishment of Markets in Crypto-Assets (MiCA) regulatory framework, which allows industry players to confidently invest in the region and provide consumers access to more competitive products and services,” Kraken detailed.
The crypto exchange explained:
We are committed to growing our business in compliance with European regulations; in addition to our VASP [virtual asset service provider] licenses in Ireland, Italy and Spain, we are actively pursuing registrations in other European markets.
Kraken noted that the proposed acquisition is “subject to customary closing conditions, including obtaining the required regulatory approvals.”
What do you think about Kraken acquiring a Dutch crypto broker as part of its European expansion plan? Let us know in the comments section below.
Dutch ING Bank Analysts: BRICS Expansion to Power De-Dollarization Across World Economies
Analysts of ING bank believe the de-dollarization trend that has been growing in the world might pick up momentum due to the possible expansion of the BRICS bloc. While the issuance of a BRICS common currency remains uncertain, according to some developing narratives, the Chinese yuan could become the de facto substitute for the U.S. dollar.
ING Bank Analysis: De-Dollarization to Gain Traction
A recent note issued by ING Bank revealed that the de-dollarization movement that BRICS countries have started is likely to continue to pick up steam. The catalyst for this probable growth will supposedly be the BRICS summit that will be held in Johannesburg this week, where the bloc integrated by Brazil, Russia, India, China, and South Africa will be considering adding more countries.
ING Bank analysts Chris Turner, Dmitry Dolgin, and James Wilson discussed this in a note last week, stating:
We suspect the subject of ‘de-dollarization’ might gain some traction this summer when senior leaders of the BRICS nations meet.
Several countries are seeking to be part of the BRICS group, from powerhouses like Saudi Arabia to countries facing economic hardships like Argentina and Venezuela. However, there is still no framework for adding new members, even though Brazilian President Luiz Inacio Lula da Silva has vowed that these topics will be discussed during the summit.
Chinese Yuan Set to Antagonize the U.S. Dollar
While there have been talks on issuing a BRICS bloc common currency, officials have offered contradictory statements. Nonetheless, the China-led bloc could rely on the Chinese yuan as part of its current de-dollarization strategy, as it has gained momentum in bilateral trade agreements between countries of the bloc, according to ING analysts.
For example, Brazil and Russia are already using the Chinese yuan to complete settlements to pay for various imports from China, and also Indian refiners have paid for Russian oil imports in Chinese yuan.
On this, ING analysts stated:
De-dollarization is seen mainly in the central banks’ international reserves, as the dollar is being pushed out by a variety of currencies, including the yuan. Looking at the long-term developments, the USD seems to be replaced mostly by Asian currencies, namely the CNY and Japanese yen.
However, the note explains that the Chinese yuan lacks attractiveness for bond investors due to “a relative lack of liquidity and lingering investor concerns over potential capital controls.”
What do you think about the expansion of the BRICS bloc and its effect on the de-dollarization processes developing? Tell us in the comments section below.
Dutch Financial Regulator Vows Strict Treatment of Crypto Business Under MiCA
The financial regulatory body of the Netherlands intends to maintain tough attitude towards the Dutch digital assets sector despite looser European rules. The head of the agency overseeing the industry doesn’t think crypto is good news and highlights its flaws in an article.
Head of Dutch Financial Authority Says Cryptos Are Difficult to Fathom, Vulnerable to Fraud
Most countries in the West are “tightening the reins” on crypto but a total ban is “difficult to imagine”, the Chair of the Dutch Authority for the Financial Markets (AFM), Laura van Geest, noted in a column devoted to cryptocurrencies in the business daily Het Financieele Dagblad.
However, despite the tightening in the final phase of the negotiations over EU’s Markets in Crypto Assets (MiCA) legislation, the upcoming regulations remain less strict for cryptocurrencies than those for existing financial products, the executive remarked and stated:
We do not think cryptos are good news. They are difficult to fathom, vulnerable to deception, fraud and manipulation.
Laura van Geest then pointed out, as critics usually do, that the value of crypto assets is mainly based on speculation and prices can fluctuate considerably. “We have not hidden our opinion. Parties in the financial sector have been made aware of their responsibilities, and consumers have been warned of the risks,” she added.
According to AFM’s own estimates, the number of crypto owners in the Netherlands is just under 2 million and most of them invest less than €1,000. Van Geest also acknowledged that the link between the crypto world and the traditional financial sector in the country is still limited.
EU institutions and member states reached an agreement on MiCA last year. It introduces rules for crypto service providers across the 27-strong bloc and they will need regulatory approval to operate in the common market.
“Will we then drop our supervision to the lowest level in order to be able to compete with other countries? Or do we say: people who apply for a Dutch license visit the AFM precisely because of our solid image? We choose the latter,” the head of the Dutch financial authority insisted.
Laura van Geest emphasized that the Netherlands is taking this path even if that means that some of these companies will look elsewhere and attempt to enter the Dutch market through a different European jurisdiction.
“The warnings from regulators have come true in the crypto winter,” Van Geest also said in her article which came out as Belgium’s former Finance Minister Johan Van Overtveldt urged governments to ban cryptocurrencies altogether. He was citing the current banking crisis which involves the collapse of two crypto-friendly banks.
Do you expect other governments in Europe to implement crypto rules stricter than those prescribed in MiCA? Share your thoughts on the subject in the comments section below.
Over $28.6M In Bitcoin And Other Cryptos Seized By Dutch Authorities
Dutch authorities seized over 25 million euros (.6) worth in Bitcoin, Ethereum, and other cryptocurrencies due to alleged criminal activity.
A Chainalysis 2021 report revealed that in 2019 the volume of illicit crypto activity represented a small 2.1% of all transactions, and in 2020 that volume fell 0.34%, but their expectation for 2021 was for “cybercriminal use of DeFi for money laundering to increase”.
just as the cryptocurrency industry is always evolving, so too are the bad actors who commit cryptocurrency-related crime.
The Fiscal Information and Investigation Service (FIOD), the National Criminal Investigation Department (DLR), and the Public Prosecution Service (OM) worked together on a mix of investigations with the intention of seizing crypto wallets linked to criminal activities.
The authorities claimed in a public announcement that they “increasingly encounter cryptocurrencies in forms of crime such as drug and human trafficking, fraud and tax evasion.”
Greater than 25 million euros in cryptocurrencies corresponding to bitcoin and ethereum have been seized from dozens of suspects.
Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes
The Public Prosecution Service further commented their opinion on why cryptocurrencies are being used for criminal activities:
Possession and use of cryptocurrencies is authorized but additionally common amongst criminals. The reason being that criminals understand cryptocurrencies as nameless and they are often moved world wide shortly. Cryptocurrencies are due to this fact broadly used as a method of cost for numerous sorts of crime.
Crypto Exchanges Helped To Seize The Coins
Dutch and foreign crypto exchanges reportedly helped the FIOD and OM with the operation after the corresponding legal actions were taken.
The OM explains that these companies are “obliged to take action beneath Dutch legislation,” adding that their collaboration made it possible to access the “crypto wallets managed by criminals” and retrieve the .6 million worth in cryptocurrencies. The value is expected to be eventually transferred to the state treasury.
The investigation additionally revealed that criminals counteract undesirable alternate charges by changing cryptocurrencies into so-called ‘stablecoins’ corresponding to USDT. These are cryptocurrencies whose worth are linked to the U.S. greenback,
As some suspects are outside the Netherlands, the authorities called for foreign counterparts to cooperate and send them over to the country right after being identified.
In 2013, the first seize of Cryptocurrencies in the Netherlands happened. Afterward, the OM believes investigations have improved, gotten better, and faster. The investigation services have learned to collect evidence through traces left by suspects of illicit activities involving crypto. This has allowed the authorities to spot them and seize their assets.
Related Reading | Largest Crypto Seizure In Australia: Police Seize M Worth Of Digital Currency
A Picture Of Crypto Inside The Netherlands
A rough estimate of 700,000 Dutch people invests in bitcoin through Bitcoin Meesters, the largest crypto exchange in the Netherlands, but the total number of investors in the country remains unclear.
The Dutch central bank (DNB) has registered around 20 cryptocurrency service providers, but a spokesperson commented “It only means that the providers are not involved in criminal activities, but that is as far as monitoring goes.”
Regardless of the remarkable performance of Bitcoin over the year and the world slowly but unavoidably adapting towards cryptocurrencies, the Dutch investors association (VEB) and the DNB have been warring around Bitcoin and are not convinced of its utility, the latter expressed that the bank is “not advising for or against investment but we do have an opinion,” which is not an amicable one.
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Reuters: Dutch Bank ING Reportedly Developing Digital Asset Custody Technology
The post Reuters: Dutch Bank ING Reportedly Developing Digital Asset Custody Technology appeared first on DCEBrief.
Dutch Crypto Startups Brawl With Regulators Over Scope of EU Money Laundering Rule
Dutch crypto startups are crying foul as local regulators look to implement the EU 5th Anti-Money Laundering Directive ahead of a Jan. 10 deadline.
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